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YouTube has helped launch the careers of global superstars, from Justin Bieber to Psy to the pint-sized performers Sophia Grace and Rosie, and now the viral video site will come full circle and host its own music awards show.

The first-ever YouTube Music Awards, which will stream live worldwide on Nov. 3, will showcase the artists and songs that have become global hits over the past year. Actor and musician Jason Schwartzman will host, and the event will feature live performances by Lady Gaga, Eminem, and Arcade Fire alongside some of the video site’s biggest stars. Also, filmmaker Spike Jonze will serve as creative director.

“We’re setting out to create a night that’s all about making things and creativity in the spirit of everyone that uses YouTube,” Jonze said in a statement. “As well as giving out awards, we’ll be making live music videos. The whole night should feel like a YouTube video itself. We’re getting together a group of amazing artists and filmmakers to do this live—tune in to see what happens live.”

Nominees will be chosen based on the songs and artists that have been most watched and shared over the past year. On Oct. 17, YouTube will present an official list of nominees, at which point YouTube fans can vote on their favorites.

Host Jason Schwartzman, best known for his roles in I Heart Huckabees, Rush, and Scott Pilgrim vs. the World, announced the YouTube Music Awards in (what else?) a funny viral video, which already has nearly 500,000 views:

Voting for the awards doesn’t open until later this month, but in the meantime, click here to relive some of YouTube’s biggest hits!